Donald Trump says Warren Buffett makes a mistake selling airline stocks

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

U.S. President Donald Trump on Friday said Warren Buffett, often regarded as the world’s greatest investor, made a mistake by recently exiting a multi-billion dollar investment in the airline industry.

Trump made his assessment at the White House, shortly after the U.S. Labor Department reported an unexpected surge in May jobs, and five weeks after Buffett said his Berkshire Hathaway Inc <BRKa.N> sold its airline stakes.

“Warren Buffett sold airlines a little while ago,” Trump said. “He’s been right his whole life, but sometimes even somebody like Warren Buffett — I have a lot of respect for him — they make mistakes. They should have kept the airline stocks because the airline stocks went through the roof today.”

Buffett did not immediately respond to a request for comment through his assistant.

At Berkshire’s May 2 annual meeting, Buffett said his Omaha, Nebraska-based conglomerate had in April sold its roughly $6 billion of stock in American Airlines Group Inc <AAL.O>, Delta Air Lines Inc <DAL.N>, Southwest Airlines Co <LUV.N> and United AIrlines Holdings Inc <UAL.O>.

Buffett said the coronavirus pandemic had changed the industry “in a very major way,” through no fault of the carriers, leaving the future of flying “much less clear.”

Many airline stocks have outpaced the broader market this week, as carriers took steps to restore some flights they had canceled because of the pandemic.

American, Delta, Southwest and United rose after the Labor Department said U.S. nonfarm payrolls grew by 2.51 million in May, and the jobless rate fell to 13.3% from April’s 14.7%.

Economists on average expected a loss of 8 million jobs, and a 19.8% unemployment rate.

Berkshire’s stock is lagging the Standard & Poor’s 500 <.SPX> for a second straight year.

Investors have faulted Buffett for not spending more of Berkshire’s cash, which ended March at $137.3 billion.

This article was originally posted on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Constance Marten and Mark Gordon in court over baby Victoria manslaughter chargeon March 3, 2023 at 6:05 pm

Constance Marten, 35, and Mark Gordon, 48, are charged with manslaughter of a baby called Victoria.Image source, PA MediaBy Charley AdamsBBC NewsA couple have...

Scott Morrison: Is this the end for ‘Side Hustle Scotty’?on August 18, 2022 at 3:09 pm

An extraordinary week in Australia has left even constitutional experts scratching their heads.An extraordinary week in Australia has left even constitutional experts scratching their...

Karnataka: The leopard that has put India state in a spoton September 2, 2022 at 12:24 am

Forest officials in Karnataka state have been searching for the leopard for more than 27 days.Forest officials in Karnataka state have been searching for...

UK fracking ban lifted, government announceson September 22, 2022 at 9:37 am

Scientific review into fracking concludes there is still a limited understanding of impacts.Image source, Danny Lawson/ PA WireThe government has formally announced it is...

A trade deal with India in 2022 would be a big prizeon January 13, 2022 at 12:07 am

The UK is starting ambitious negotiations with India, but that won't solve the problems with its overall trade strategy.
Home of Science
Follow me